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63. Assume that Lonzo owned the property as rental property beginning in 1997. During the time the house was a rental property, Lonzo had $16,000

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63. Assume that Lonzo owned the property as rental property beginning in 1997. During the time the house was a rental property, Lonzo had $16,000 in depreciation and completed the same work/purchases listed in the previous question. Calculate Lonzo's gain on the sale of the house. a) $268,000 b) $271,750 C) $250,000 $255,750

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